Eno declines disclosing Lagos building project cost despite its N41.05bn budget

Akwa Ibom State Governor Umo Eno has declined to reveal the contract sum for the 18-storey Ibom Tower building under construction in Lagos, despite the project having accumulated at least N41.05 billion in budgetary allocations since 2024.

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A lot of things have happened here that we didn’t envisage. The consultant has made a lot of input. I think we are still working back end.

During an inspection visit, Governor Eno stated that the cost is still being determined due to unforeseen changes and additional input from the project consultant. "If you say a figure today, people hold you to it. So, I rather get the work done rightly than to begin to look at the price," he said, adding that the project aims to increase the state's internally generated revenue (IGR).

This lack of transparency has raised questions, especially given the successive multi-billion-naira budget provisions for the project. A review of Akwa Ibom's budget documents shows N16 billion allocated in the 2024 revised budget, N10 billion in the revised 2025 budget, and an additional N15.05 billion in the 2026 approved budget, totaling N41.05 billion. It remains unclear how much of these funds have been disbursed.

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If you say a figure today, people hold you to it. So, I rather get the work done rightly than to begin to look at the price.

The state government's failure to publish detailed budget performance reports and capital expenditure in its audited financial statements since the first quarter of 2025 contributes to this uncertainty. Furthermore, Akwa Ibom's public procurement law mandates public access to procurement information, including contract sums, which are notably absent for the Ibom Tower project on the state's electronic procurement portal. This lack of disclosure violates Section 21(15) of the state's 2026 Public Procurement Law, which guarantees public access to such records.

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All these are to help us increase the State IGR.